Personal Tax Returns (T1)
| Situation | Typical Cost |
|---|---|
| Simple return (T4 employment income only) | $50–$150 |
| Moderate (rental income, investments, multiple T-slips) | $150–$300 |
| Self-employed / sole proprietor (T2125) | $200–$400 |
| Complex (capital gains, foreign income, trusts) | $400–$800+ |
Many Ontario accountants offer package pricing for couples and families. If your situation is straightforward, a bookkeeper or tax preparer may handle your T1 at a lower cost than a CPA.
Corporate Tax Returns (T2)
| Business Size | Typical Cost |
|---|---|
| Simple corporation (holding company, minimal activity) | $1,000–$1,500 |
| Small active business (under $500K revenue) | $1,500–$3,000 |
| Mid-size business ($500K–$2M revenue) | $3,000–$5,000 |
| Larger / complex (multi-entity, intercompany, R&D) | $5,000–$15,000+ |
Corporate returns almost always require a CPA. The fee usually includes year-end financial statements (Notice to Reader) and the T2 filing. Learn more about personal vs. corporate tax →
Monthly Bookkeeping
| Volume | Typical Cost |
|---|---|
| Light (under 50 transactions/month) | $200–$400/mo |
| Moderate (50–200 transactions/month) | $400–$800/mo |
| Heavy (200+ transactions, payroll, multi-entity) | $800–$2,000+/mo |
Most bookkeepers charge monthly retainers. Some charge by the hour ($25–$60/hr). Clean, consistent bookkeeping reduces your year-end CPA bill significantly. Not sure if you need a bookkeeper or CPA? →
Other Common Services
| Service | Typical Cost |
|---|---|
| HST/GST quarterly filing | $100–$300/filing |
| Payroll processing | $50–$150/mo (+ per employee fees) |
| Incorporation setup (federal or Ontario) | $1,000–$2,500 |
| CRA audit representation | $150–$350/hr |
| Financial planning / tax strategy session | $200–$500/session |
What Affects the Price?
Location
Accountants in Toronto and the GTA typically charge 20–40% more than those in smaller cities like Kingston or Sudbury.
Complexity of your finances
Multiple income sources, rental properties, foreign assets, and intercompany transactions all increase the time (and cost) required.
Quality of your records
Showing up with a shoebox of receipts costs more than providing clean, organized books. Hiring a bookkeeper year-round often reduces your total accounting costs.
Firm size and credentials
Solo CPAs and small firms are typically 30–50% cheaper than mid-size and national firms for the same services.
5 Ways to Reduce Your Accounting Costs
- 1. Keep clean books year-round. Use accounting software (QuickBooks, Wave, Xero) and reconcile monthly.
- 2. Separate business and personal expenses. A dedicated business bank account saves your accountant hours.
- 3. Ask about fixed-fee pricing. Many Ontario accountants offer flat rates for defined services — no surprise bills.
- 4. Bundle services. Bookkeeping + tax prep from the same firm often costs less than hiring separately.
- 5. Compare quotes. Get 2–3 quotes from local professionals. Search the directory to find accountants near you.
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